Dogecoin was created to be the ultimate meme coin but the richest man in the world has taken a liking to it. World’s richest man and CEO of international automobile giants Tesla, Elon Musk, is a well known Dogecoin supporter but recently, he explained in am interview why he loves the memecoin so much.
In an interview on the “Full Podcast”, Elon Musk said that the Dogecoin blockchain had a greater transaction capacity than Bitcoin. Musk explained that Dogecoin transactions can be completed in 60 seconds but Bitcoin transactions take at least 10 minutes to complete. For this reason, Elon Musk believes that the memecoin can be considered as the better payment system.
He also emphasized that Dogecoin’s inflationary factor allows 5 billion coins to be created annually while Bitcoin’s maximum supply is just 21 million BTC. This makes Dogecoin better to be used as a transactional currency in the long term because Bitcoin’s deflation encourages hoarding as it’s value increases over time.
Elon also conceded that another reason he went all on for Dogecoin was it’s light-hearted community as a memecoin which is a big thing for him and his sense of humor. He also pointed out that Dogecoin can not only be used at Tesla and Space X but at other international companies too such as The Boring Company which offers transportation services in the United States.
Another issue the billionaire discussed at the podcast was the growing number of scams in the cryptocurrency ecosystem. He warned his followers that his Twitter account is regularly targeted by scammers and wrong men because he regularly interacts with his followers.
Elon Musk’s influence on cryptocurrency is proven. Anytime he tweets about any cryptocurrency or token, the price of that crypto or token pumps. In fact, when Tesla announced that they had stopped buying Bitcoin or accepting it as a means of payment, Bitcoin began one of its most bearish trends. He has also clarified that he has nothing to do with other memecoins or Elon-themed coins as the only two meme currencies he supports are Shiba Inu and Dogecoin.
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